Home Loan Eligibility Criteria
Looking to get a home loan? Before you apply, find out if you meet the eligibility criteria set by various banks and financial institutions. Knowing your home loan eligibility in advance makes the entire process easy and quick for you.
How to Calculate Home Loan Eligibility Online
The Magicbricks Home loan eligibility calculator is very easy to use. Take the following steps:
Step 1: Enter the amount you want to borrow
Step 2: Fill in your Monthly Net Income (excl. LTA and Medical Allowances)
Step 3: Enter your existing loan commitments per month (if any)
Step 4: Enter the tenure for which you want to take the loan
Step 5: Fill in the rate of interest on the loan and click “Calculate Eligibility”
Once you take all the steps above, you will be able to view the amount that you are eligible to borrow. In addition, you will also get to know your EMI on the home loan.
Key Factors Affecting Your Home Loan Eligibility
Check out some of the most important factors that may affect your home loan eligibility:
Age: When it comes to applying for a home loan, age is not just a number. Lower the age, the easier it is to get the loan approved. Therefore, a young professional who is just 30 years old can easily get a home loan for upto 30 years. In comparison, an individual who is 50 years old may find it tough to get a home loan for such a long tenure.
Income: Your income also determines how much you are eligible to borrow. Most lenders have specified a minimum income requirement for the applicant as well as co-applicant. Whether you are self-employed or a salaried individual, you must meet the minimum income requirement. In addition, lenders also check whether your income is stable enough or not.
Credit score: Your credit score is also very important. Higher the score, the higher your chances of getting a loan approved. A score of 650 and above is generally considered good and indicates higher chances of approval.
Existing loan obligations: Your existing loan obligations (or Debt-to-income ratio) should not be more than 50% of your income. If this ratio is too high, it indicates you have too many outstanding loans and therefore, you are more likely to default in future.
Bank-wise Home Loan Eligibility Criteria
Bank of Baroda Home Loan
- Resident type: Indians and Non-Resident Indians (NRIs)
- Applicant's age: 21 - 70 years
Indian Bank Home Loan
- Applicant's age: 18 - 70 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 25,000
Union Bank of India Home Loan
- Applicant's age: 18 - 75 years
- Resident type: Indians and Non-Resident Indians (NRIs)
ICICI Bank Home Loan
- Applicant's age: 25 - 65 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 18,000
HDFC Bank Home Loan
- Applicant's age: 18 - 70 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 10,000
SBI Home Loan
- Applicant's age: 18 - 70 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 10,000
Bajaj Housing Finance Home Loan
- Applicant's age: 23 - 55 years
- Resident type: Indians only
Sundaram HFL Home Loan
- Applicant's age: 18 - 60 years (salaried) or 18 - 65 years (self-employed)
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 15,000
L&T HFL Home Loan
- Applicant's age: 21 - 60 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 15,000
PNB HFL Home Loan
- Applicant's age: 18 - 70 years
- Resident type: Indians and Non-Resident Indians (NRIs)
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 10,000
Cholamandalam HFL Home Loan
- Applicant's age: 21 - 60 years
- Resident type: Indians only
- Min. monthly income for primary applicant: Rs 15,000
- Min. monthly income for co-applicant: Rs 10,000
Magma Housing Finance Home Loan
- Applicant's age: 21 - 65 years
- Resident type: Indian
- Co-applicant with income mandatory if the primary applicant is upto 25 years of age.
